topic Re: Penfed POI ? in Credit Cards

Penfed POI ?

Anonymous — Tue, 19 May 2020 20:00:53 GMT

How often does Penfed ask for POI? I'm looking for a card with <10% APR.

Re: Penfed POI ?

Shooting-For-800 — Tue, 19 May 2020 20:20:12 GMT

They are an interesting bunch.

I would stick with your true income if I were you.

I had all kinds of issues in the beginning with them and my POI.

They wanted to count my mortgage (in wife's name) towards DTI but not wife's income.

We argued for weeks.

They actually revoked a $10k cc approval.

A year later I tried again with a lower income and was approved for $15k!

Then $12k then $20k....and so on (without any POI.)

Better safe than sorry.

Re: Penfed POI ?

CreditCuriosity — Tue, 19 May 2020 20:55:47 GMT

Be ready to provide POI for penfed also be prepared not to get < 10% apr with them either. Not many get their best apr's even people with higher incomes and > 800 scores get cruddy APR's. Many other CU's for good APR cards that are strictly score based on their APR's for tiers.

Re: Penfed POI ?

kdm31091 — Tue, 19 May 2020 21:21:47 GMT

A <10% APR is far from guaranteed with Penfed. They do have cards that start that low, but they are all cards with ranges so you may not get anywhere near the lowest rate.

It may be hard to find, but I'd look into other CUs, even locally, and try to find something with either a smaller range or <10% APR to begin with. Just too much of a gamble with Penfed IMO if <10% APR is your priority.

Re: Penfed POI ?

JR_TX — Tue, 19 May 2020 23:47:19 GMT

<9.9% CC APR is Super Prime category and would almost certainly require a "Prime" profile, meaning clean file with 720+ mortgage scores.
Also be ready for "full docs" with POI (Paystubs, bank statements and possibly IRS 4506-t) especially If your DTI is >25%.

Re: Penfed POI ?

Sharingan — Wed, 20 May 2020 02:53:07 GMT

@Anonymous wrote:
How often does Penfed ask for POI? I'm looking for a card with <10% APR.

I’ve never been asked for POI from PenFed, although I do acknowledge that I’ve read more often of them requesting it than not. I’ve had 3 credit cards with them since joining several years ago, as well as a fairly large auto loan, that were all instant approvals and didn’t require POI. The most recent was a few months ago for the Power Cash Rewards at 25k.

As for a sub 10% APR card, I went to NFCU for that. Not sure if it’s a possibility for you, but my Platinum card from them is at 5.99%, which is also publicly available and lower than the advertised rates for PenFed’s Gold card. Even my MoreRewards card from Navy is below 10% (9.65%) with the recent rate cuts. Almost their entire lineup is currently below 10% for the lowest rate.

Re: Penfed POI ?

Anonymous — Wed, 20 May 2020 02:23:37 GMT

Are there any other realistic options for <10% APR? You guys have me worried about my chances with Penfed. My scores hover around 760. NFCU is not an option as I don't have the militiary requirements.

Re: Penfed POI ?

CreditCuriosity — Wed, 20 May 2020 03:12:43 GMT

Many CU's do < 10%, but nothing is guaranteed unless only one rate is provided on a card and not many do that or they got to be tier bases meaning 740+ you get 9.99 700-740 you get 12.99, etc. Just an example of a tier based type model. As mentioned earlier I have high scores, higher income and penfed is m primary FI and have 40k+ in cc's with them but at a 15.x percent rate where-as have other lender NFCU and even some banks that are sub 10. All those are from tons of lenders I probably have 5-6 cards sub 10% out of 30ish cards.. So you get the idea, not that easy.

Here is one CU's that is more likely to offer you a sub < 10% card than Penfed and can get membership regardless of where you live, but nothing is guranteed... Many other CU's exist as well just have to do a bit of research.

https://etfcu.org/credit-cards/platinum-prime-plus-credit-card/

APR range is better at least meaning shots are better at a lower APR...

1.99% Introductory APR for six months as of account opening.

After that, your Standard APR will be 6.25% - 13.95% depending on your credit history.

Will call @galahad15 into here as he loves his low apr cards, maybe he can give you some ideas...

Re: Penfed POI ?

galahad15 — Wed, 20 May 2020 06:00:39 GMT

Thanks for the shoutout @CreditCuriosity !

In response to the OP's question about cards with interest rates below 10%, CreditCuriosity and other posters are correct, even the CUs (mostly with a few exceptions CUs, not banks) that offer below-10% rates tend to have a range of what you can qualify for, where typically only very high scores will be eligible for the lowest rates. With some CU cards you can app without geographical restrictions, whereas with others they will geofence the application eligibility to be in their local area of homes, work, employers, etc.

Some examples of non-geofenced CUs that have cards below 10% (also I have several of these, as listed in my signature):

(1) AOD FCU VISA Signature card: assuming they are hopefully still taking new out-of-state apps and depending on your credit scores and DTI ratio, through joining one of their qualifying associations, there are quite a few forum posters here who have qualified for anywhere between 7.49% - 9.99% (not 100% sure if rate is fixed or variable), plus you get 3% rewards on all purchases, at present with no cap. If you're interested in this card, recommend checking out the multiple AOD threads on the forum, as they provide a wealth of information on the "how's" of getting the card.

(2) Andrews FCU VISA: as low as 7.49% V, with uncapped 3% category rewards on gas and groceries, and 1.5% rewards on all other purchases. You can become eligible for membership by joining the American Consumer Council (credit for this tip on non-geofenced eligibility goes to: @Anonymous , again thanks! ).

(3) Unify FCU Variable Rate VISA: advertises rates as low as 8.99% V; not sure if this may be possibly be slightly lower though, if they may have not yet updated their rates to reflect the recent Fed rate cuts, etc.? The good news is when I apped for this card a few years ago, the rule was that as long as your EX Score 2 (Auto) was 740-750 or higher, you automatically qualify for the lowest rate, regardless of what credit limit you are given.

(4) Unify FCU Fixed Rate VISA: advertises rates as low as 9.49% F. This underwriting is a little tougher to get the lowest-available rate for this card though, since iirc, you need an EX Score 2 (Auto) of 740-750 *and* a minimum starting limit of $15k, to get the lowest rate. Otherwise, without satisfying both criteria, the rates will be higher.

(5) PACU Premier Privileges Rewards Mastercard: presently has rates as low as 9.99% F, plus 1.5% rewards. As far as I can best recall, FICO EX Score 8 of 730 or higher gets you the best rate.

(6) Dow Chemical Employees' Credit Union VISA cards: depending on whether you want rewards or not, they have a 3 different cards with set-APRs (not a range of APRs) of 6.90% F, 8.90% F, and 9.90% F. You can get in by joining one of their qualifying organizations. *Warning: these guys are pretty tough to get into! I was between 790s - 800s on my 3 FICO8 scores, and they still denied me.

(7) Garden Savings FCU VISA: if you have a FICO Score (not sure which exact score model) of 680+, you automatically qualify for a set-APR (not range-APR) of 8.00% F. However, as with Dow Chemical Employees CU, even with 790s - 800s FICO8 scores across all 3 credit bureaus, they still denied me, so they may also be relatively financially conservative.

Other Notable (Geofenced) Credit Unions with Cards Below 10%:

(1) Space Age FCU VISA: as low as 3.25% V, assuming you can qualify for their Platinum card. Geolimited to their specific local region.

(2) BEFCU VISA: currently limited to eligible Cali residents, with as low as 4.99% F, plus rewards.

(3) EPFCU SmartRewards MC: as low as 5.75% V, with 1% rewards. Geolimited to their specific local region.

(4) Sunflower Bank VISA: set-APR (iirc) of 6.00% V. Geolimited to their specific local region.

(5) Aerospace FCU VISA: as low as 6.40% V, with excellent rewards options. Geolimited to their specific local region.

ETA: Adds/Edits

Re: Penfed POI ?

Anonymous — Wed, 20 May 2020 05:34:08 GMT

You can actually join Andrews by joining the American Consumer Council, @galahad15

@Anonymous go to this site and check your state for CU options. There are some real gems out there. https://www.creditunionsonline.com

Re: Penfed POI ?

galahad15 — Wed, 20 May 2020 05:36:24 GMT

@Anonymous wrote:
You can actually join Andrews by joining the American Consumer Council, @galahad15

@Anonymous go to this site and check your state for CU options. There are some real gems out there. https://www.creditunionsonline.com

Thanks for the helpful FYI on Andrews FCU @Anonymous! I will be sure to correct / update my post accordingly.

Re: Penfed POI ?

TekkenQQ7 — Wed, 20 May 2020 07:24:03 GMT

Not for my first card 11/12/2019, but my second app 1/17/2020 they asked for POI.

Re: Penfed POI ?

Anonymous — Wed, 20 May 2020 10:32:46 GMT

I think nfcu may be the only one where it's >80% they won't ask for poi, they didn't even ask for it for the sons car loan and he doesn't even use his navy account

Re: Penfed POI ?

Anonymous — Wed, 20 May 2020 13:20:30 GMT

Thanks guys. I may also try out the Lake Michigan credit union card, as I live in Florida. Hopefully they don't ask for POI.

Re: Penfed POI ?

core — Wed, 20 May 2020 13:38:02 GMT

@Anonymous wrote:
Thanks guys. I may also try out the Lake Michigan credit union card, as I live in Florida. Hopefully they don't ask for POI.

I had to stare at that for a while, because I could have sworn Lake Michigan was up by... Michigan? But heh I do see they have lots of Florida branches now. No doubt as a result of a merger.

Anyway they never asked me for POI, but they denied me right away for "pyramiding debt" or some such nonsense. I had near 0% utilization and 760+ scores at the time. I get the impression they don't want you if you've got a decent amount of credit available to you already. They want to make a profit off of you. They did allow me to become a member though and I don't recall being hassled for any docs of any kind.

Re: Penfed POI ?

Anonymous — Wed, 20 May 2020 21:30:51 GMT

they did not ask me. gave me a 30000 credit card and a 18000 card.

Re: Penfed POI ?

Anonymous — Thu, 21 May 2020 14:13:19 GMT

Well Lake Michigan POI'd me after doing a HP. Might try Penfed now.

Re: Penfed POI ?

Gonzozap — Wed, 05 Aug 2020 17:09:11 GMT

@Anonymous wrote:
I think nfcu may be the only one where it's >80% they won't ask for poi, they didn't even ask for it for the sons car loan and he doesn't even use his navy account

I don't know the percentage, but Digital FCU never asked me for POI. I've had 2 car loans and a credit card with them. Scores were about 770 at the time with low DTI.
.

Re: Penfed POI ?

coldfusion — Wed, 05 Aug 2020 17:23:58 GMT

@Gonzozap wrote:
@Anonymous wrote:
I think nfcu may be the only one where it's >80% they won't ask for poi, they didn't even ask for it for the sons car loan and he doesn't even use his navy account
I don't know the percentage, but Digital FCU never asked me for POI. I've had 2 car loans and a credit card with them. Scores were about 770 at the time with low DTI.
.

I had to provide paystubs my 1st app with DCU, so YMMV.

Re: Penfed POI ?

Gonzozap — Wed, 05 Aug 2020 18:01:06 GMT

I do hope everyone realizes there is no 100% in the credit business. All any of us can do is share our experiences (i.e, YMMV - "Your Mileage May Vary").

If enough background info is shared, someone may be able to see that another person's app, credit, income, etc. is similar and therefore perhaps the experience may be the same. But even given that, it's possible for "Joe's" experience to be different because the creditor revised its underwriting or perhaps there are "bands" or "ranges" and something on "Mary's" app fell slightly out of the range for no POI. For example, the criteria for no POI might be:

Score - 775 or better
Util - 10% or less
Income - $75,000 or better
Credit - No dings in the last 48 months
DTI - 25% or less

So, if Mary's app fits all the above, but her score is 773, she needs POI. I'm certain all creditors have these sort of if/then scenarios and we will never know the details.